In July 2013 my son approached Excelsior for a loan of R15000 which granted and the interest per month is R3222. They ran a gadget across the vehicle to see if it had been in an accident at all. They never asked if the vehicle was road worth or not, and it is not. The AA removed the car from the road after it was in a serious car accident and the panel beaters cut the vehicle in tow, welded a different car onto it, and made it a coffin on 4 wheels.
Also when my son applied for the loan they never did an affordability assessment in repayments.
Yet they state they are registered with the NCA, but some homework proves a different answer.
When we could not pay the loan back, I approached my attorney who sent them a letter, Excelsior then went and registered the car in their name, never sending a letter to us or my attorney which is clearly stipulated in their contract.
We were told they are going to sell that vehicle to someone else, a vehicle that is a coffin on 4 wheels! And since when may one not have an opportunity in trying to resolve, but they just go ahead and register the vehicle in their name.
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